Divots, Inc.

$1999$ Income Statement

$(S$ in miltions$)$

Net sales

$51,384$

Less: Cost of goods sold $605$

Less: Depreciation $180$

Eamings before interest and taxes $599$

Less: Interest paid $\mathrm{.}80$

Taxable income.

$519$

Less: Taxes.

$\mathrm{.}156$

Net income.

$$363$

Addition to retained earnings

a aaa

Dividends paid

$\mathrm{.}5254$

$.\mathrm{.}109$

Divots, Inc.

$12/31/98$ and $12/31/99$ Balance Sheet

$(S$ in millions$)$

Cash

Accounts rec.

$\backslash$table$[[1998,1999],[$$$100,$$$121$

Please show the work and how each part is calculated!